The Binance season is here! The Binance ecosystem tokens, BinanceCoin (BNB) & Pancakeswap (CAKE), skyrocketed, leaving the major cryptos behind. The BNB price surged above $700 with over a 15% rise and flipped Solana to become the 5th largest crypto after BTC, ETH, XRP, & USDT. Meanwhile, the global crypto markets continue to face bearish heat despite a small recovery during the previous day’s close. Therefore, the BNB price attracts the traders as a high-risk & high-reward token.
Over the past week, the token has been printing massive bullish candles and the momentum is shifting strongly in favour of the bulls. Meanwhile, the constant rise in the volume highlighted the buyers accumulating the token quietly. A major reason behind the surge is speculated to be the 60-day pause in Binance’s legal battle with the U.S. SEC. Secondly, Binance announced the 2025 roadmap, which had a major focus on AI and improved transaction speeds.
Besides, the platform is speculated to have paid U.S. Department of Justice (DOJ) dues of nearly $4.3 billion by selling and moving the crypto to another platform. Should this hinder the progress of the rally as their proof-of-reserve suggests their reserve balance having $370 million in BTC, $3.4 billion in SOL and $230 million in XRP, which is alarmingly low?
As per the data shared by a popular analyst, MartyParty, it indicates that the platform may have sold the crypto through January and February, probably at the top. Now that the platform has already sold and secured the funds to pay, Binance has become more compliant. As a result, the BNB & CAKE price exploded.
Interestingly, the popular Binance-based memecoin FLOKI price remains under extreme bearish heat. The token is stuck within a bearish-descending triangle and is expected to reach the apex of the pattern before the next price action. Hence, more downfall is expected with the FLOKI price rally in the next few days.
The technical indicators for FLOKI do not support a bullish narrative as the DMI levels are going parallel to each other while the ADX has reached the upper threshold and may face a pullback. Besides, the OBV continues to remain under bearish influence as it is unable to break the descending trend line. This suggests the volume is failing to rise, which could hinder the progress of the rally. Hence, if the BNB price fails to break the resistance, a drop to $0.000085 may be imminent.
However, if the bulls trigger a rebound, FLOKI price could reclaim $0.0001, or else may plunge below $0.00007.
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